FOMC Maintains Target Rate as Waller, Miran Dissent

02:23 PM EST, 01/28/2026 (MT Newswires) -- The Federal Open Market Committee maintained the federal funds rate target at 3.5% to 3.75% and made only modest adjustments to its statement on Wednesday, which largely kept the same message as in December.

There were dissents from Fed Governors Stephen Miran and Christopher Waller, who preferred a 25-basis point rate reduction.

The FOMC upgraded its description of economic growth from a "moderate pace" to activity "expanding at a solid pace."

The committee also adjusted its language on the labor market and inflation. "Job gains have remained low, and the unemployment rate has shown some signs of stabilization," the statement said. "Inflation remains somewhat elevated."

At the previous meeting, the FOMC said that job gains had slowed, that the unemployment rate had edged up and that inflation had moved up from earlier in 2025.

The committee said it remains "attentive to the risks to both sides of its dual mandate" and noted that uncertainty around the economic outlook is still elevated.

There was no update to the Summary of Economic Projections at this meeting.

Fed Chair Jerome Powell's press conference begins at 2:30 p.m. ET.

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